Remittances are not new and have always been around for centuries. Today, with the ease of movement, it is so prevalent that it contributes a substantial part of some countries’ Gross Domestic Product.
Till late, remittances had mainly performed by banks or money transfer operators, dominated by the likes of Western Union and MoneyGram, where competition was weak. The recent entrants of online money transfer services providers have brought the cost down and made banks and traditional money transfer operators competitive.
Does it mean we should ditch the traditional players and go with the new entrants? Well, not necessarily, there can be several factors.
1.Easy to open an account with the remittance company?
Remittance companies, like banks, are required by law to first onboard you as a customer before you can remit. The lead time required varies across companies depending on their policies and what kind of a remitter you are.
If you are related to a politician or remitting on behalf of a company, this process may take longer and required more documents. You can find out more via here.
Some companies may not accept you as a customer or the process can be cumbersome.
2.Where and How do I send money?
Not all companies provide the same remittance services worldwide. Most remittance companies would need to have a working relationship with partners in the country you are sending to. Some countries such as North Korea, Syria or Iran, is heavily sanctioned by US, EU or UN which many companies do not provide remittances to these countries.
There are also many ways your beneficiary like to receive your funds. The method also determines the lead time. You can see more via here.
Depending on companies or the receiving country, there may be a minimum or maximum amount. The restriction depends on the company’s policies or the receiving country’s regulations. In Singapore, there is no limit on outbound transfers, but some companies may set a limit.
Despite having a lot of options, there are many considerations to note when you send money overseas.
remit.cashchanger.co is here to help you compare the rates, fees and provide details of each remittance provider so you know how to proceed with your remittances.
Are you a remittance provider? We welcome you to be part of us. You can easily register with us here!
As always, if you need to look up for money changer’s rates, visit:
Banner Source : http://echeck.org/best-ways-to-send-money-overseas/